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San Diego
Sunday, May 19, 2024
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San Diego Trust Bank Reports 60% Increase in Quarterly Earnings

San Diego Trust Bank reported Oct. 17 net income for the third quarter was $350,000, compared with $218,000 for the same quarter last year, an increase of 60 percent.

It was the 28th consecutive quarterly profit for the bank.

Net income for the nine months was $920,000, compared with $626,000 for the like period of 2010, up 47 percent.

Total assets grew to $212.5 million, compared with $191.8 million at the same quarter of 2010.

As of Sept. 30, San Diego Trust held a Tier 1 leverage capital ratio of 8.92 percent, nearly double the minimum required for a well-capitalized bank, and 26.06 percent in total risk-based capital, more than double the 10 percent to be regarded as well-capitalized.

The bank also said it held zero problem loans.

— Mike Allen

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